The uncertain state of the US market has caused most businesses that are healthy to act very cautiously. Businesses in precarious situations are already trying to cut costs. Caution is prudent, and cost-cutting may well be necessary. However, both of these approaches need to be balanced by forward thinking action. Insightful action now can bring not only survival but healthy growth.
Those who capitalize on markets first are those who foresee opportunity and act before it becomes openly evident to all. This requires a certain amount of "prophetic" thought and action. This is true of international markets as well as national markets. Decisions made today make their effects felt years into the future.
What are the advantages of looking abroad?
1) Very often this can be done at considerably lower cost than in the US. This advantage is doubled if the US market is scared because of the state of the US economy.
2) Many countries have nationals looking to bridge partnerships with the US. Finding the right person or people, can provide immediately accessible markets.
3) You have the opportunity to be the FIRST company in your niche, and therefore to become THE name associated with that particular service and product.
With all these advantages, why do companies fail to make this expansion? We'll look at that tomorrow.